How many times have you, or someone you know, said something like
"I've always wanted to have a business of my own. Something I'd really
enjoy doing. Be my own boss."
Lots of people have the dream, but
they get bogged down in the details of how to go about it. While this
article isn't meant to serve as a complete business start-up guide, it
will give you an idea of some of the steps involved in starting your
own business.
1. Hire Professionals
The
most important professionals you'll need at the beginning are a lawyer
and an accountant. The lawyer can help you decide if you want to be a
corporation, partnership, sole proprietorship, or some other type of
company. A good accountant can help you make this decision based on
which will be most advantageous to you from a tax angle. A lawyer can
also help you register your business and get any licenses and permits
you will need, and can advise you about patenting your idea or
protecting your intellectual property by requiring everyone you discuss
your business with to sign non-disclosure or confidentiality agreements.
2. Make a Business Plan
You
may need to hire a writer or other business professional to help you
write a business plan. You'll need one to help yourself get organized
as to what your business's main purpose or goal will be. This could be
anything from serving hot dogs to people outside the home improvement
store to providing technology support to major players in the business
world. Either way, you need a plan that sketches out how you will
proceed toward your goal and an estimate of how much money you'll need
to get there. What will your equipment costs be? Will you be hiring
employees? How about renting office space? All of these cost estimates
should be included in your Business Plan.
3. Get Financing
How
much start-up money will you need? Do you have savings you can use?
Friends or business associates who might want to invest in your
venture? Or do you need a bank loan? Whatever the situation, you'll
need to present a copy of your business plan to bankers or investors if
you need to borrow money to get your company rolling.
4. Set Up Your Record-keeping System
A
good accountant can advise you on the best record-keeping software for
your business, and help you set up a system for keeping track of
payables, receivables, sales tax, payroll, employee benefits plans, and
so forth. You will be relying on the accountant for at least your
yearly tax return for your business, and possibly for quarterly payroll
and sales tax returns. Your accountant can also get you an EIN number
(Employer Identification Number).
5. Find a Location
Depending
on your business, location may be very important. If you need to be
visible to the public (say your business is a bookstore or restaurant),
then you'll have to think long and hard about where you should set up
shop. Location can make you or break you-and the rent is due no matter
which way your fortune turns. You will also need to get a phone, get
the utilities turned on, install your furniture and equipment, and get
a sign or two that shouts "Hey look! We're here!"
6. Set Up Accounts with Credit Card Companies
Every
brick-and-mortar business these days takes plastic or they don't stay
in business. You'll pay a small percentage for every credit or debit
card transaction a customer makes. You will need to invest in a method
for checking the validity of debit and credit cards-like those "Slide
Card Here" machines at cash registers everywhere.
7. Hire Employees
You
may not need to do this step if you're a one-person operation. Maybe
you can get by with just one part-time person to answer phones and do
some of the paperwork. Of course, it depends on your business. You can
probably run a small bookstore by yourself, but even a tiny restaurant
means you'll need a cook, several servers, someone at the cashier, and
so forth. You'll need to have them complete various forms for the IRS,
and you may want to run background checks or at least check some
references before you hire anyone.
8. Promote Your Business
Decide
how you will let people know you exist, what you can do for them, and
why they should come to you instead of someone else. Common forms of
advertising are TV and radio commercials, newspaper ads, flyers, and
coupons that appear in booklets distributed by local companies.
The
list above might make you think twice about starting a business of your
own. Perhaps you aren't looking to make such a financial commitment
regarding the hiring of professionals, finding a location. And it's
also a big, big risk.
But let's look back at the way this
article began: "I've always wanted to have a business of my own.
Something I'd really enjoy doing. Be my own boss."
YOU CAN! Without all of the headaches of traditional business.
Income Experts Your Own Business
There
is a very simple way of attaining this goal that has worked well for
millions of people. You can have your very own business in your home,
and you can cross off all or most of the steps listed above. The best
part of exploring home-based business opportunities is that there is
little risk and the upside is tremendous.
Many of the
inconveniences and pressures of the traditional business are wiped away
with the home business. The biggest roadblock to starting or buying a
business is that they require a considerable up-front cash investment.
In addition to the large investment, the time commitment you must make
when starting a business can ultimately turn out to be far greater than
what you have experienced in any job, and the return is not necessarily
worth the extra time or the financial risk.
There is another option.
Visit
www.IncomeExperts.com
Fill out the form on the page, and I will provide you with additional
information about the opportunity that is truly shaping my life and
allowing me the freedom to live out my dreams without all of the
headaches and costs of traditional business.
Make it a great day... YOU DESERVE IT.
DREAM BIG!!!
Michael Hamburger
www.IncomeExperts.com
1-480-515-9890 (US & Canada)
+61 02 8005 1844 (Australia & New Zealand)
+44 (020) 3239 0880 (United Kingdom & Europe)